Question: On December 31, 2021, what amount should be reported as cash under current assets? Teng Company provided the following data on December 31, 2021:

   

On December 31, 2021, what amount should be reported as cash under current assets? Teng Company provided the following data on December 31, 2021: >Checkbook balance-8,500,000 >Bank statement balance-10,000,000 >Check drawn on Teng's account, payable to supplier, dated and recorded on December 31, 2021, but not mailed until January 15, 2022 - 1,200,000 >Bond sinking fund - 4,000,000 Brigadier Company provided you the following information as of December 31, 2022: Trade accounts receivable, net of P160,000 credit balance in customers' accounts, including P12,000 uncollectible customer accounts 1 2 3 4 5 6 7 8 9 10 11 12 13 Credit card sale of merchandise to a customer Trade accounts receivable assigned Trade accounts receivable - unassigned Trade accounts receivable - factored 8% notes receivable - trade Accounts payable, net of P120,000 debit balance in suppliers' accounts Special deposits on contract bids Dividend receivables Advances to officers (of which P240,000 is currently collectible) Advances to affiliates Subscription receivable (of which P75,000 is collectible within 90 days) Accrued interest receivable Requirements: Based on the foregoing data, determine the following: 960,000.00 1,000,000.00 1,800,000.00 1,200,000.00 1,200,000.00 800,000.00 520,000.00 440,000.00 60,000.00 1,200,000.00 2,400,000.00 300,000.00 150,000.00 [42] Trade and other receivables: [43] Total items classified as noncurrent assets [46] How many units were on hand on June 30? Girlie Inc submitted the following information: >The month of June saw a total of 286,000 units sold. > In June the following acquisitions were made: DATE 4 8 11 24 QUANTITY 50,000.00 62,500.00 75,000.00 70,000.00 >On June 1, there were 108,500 units available, with a total cost of 1,450,000 UNIT COST 13.00 12.50 12.00 12.40 Girlie employs a FIFO (first-in,first-out) costing system. The company made a gross profit of P2,058,750 in June

Step by Step Solution

3.39 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Teng Company Determine the correct cash balance under current assets on December 31 2021 Checkbook B... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!